Token completes first PISP open banking transaction

Friday 8 June 2018 | 11:06 AM
CET

US-based Token has become the first Payment Initiation Service Provider (PISP) to conduct an end-to-end payment through a public bank API.

The payment has been executed via the Token network using Santander’s API payment initiation endpoints. With the infrastructure operational, banks, merchants and other payment providers and data services can now leverage open banking to reduce costs, generate new revenues, increase security and deliver a simpler, more convenient digital payment experience for the end user.

Earlier in May 2018, Token was granted authorisation by the Financial Conduct Authority (FCA) to deliver payment initiation and account information services, under the terms of PSD2.

Through its open API banking platform, Token enables banks, merchants and other third-party providers (TPPs) to connect to any bank in the EU for payments and account information requests.